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Calif. Home Foreclosures At 7-Year Low

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SAN DIEGO (AP) — The number of California homes entering the foreclosure process has plunged to a more-than-seven-year low as the state housing market continues to improve.

Real estate research firm DataQuick says Tuesday that 18,567 notices of default were recorded by lenders from January to March — down more than 50 percent from the previous three months and 67 percent from the first quarter of 2012.

DataQuick President John Walsh says rising home prices, improving economy and new government laws to protect homeowners are having an impact but he says default notices could edge up later in the year.

DataQuick says the median sales price for a California home last quarter was $297,000, up 22.7 percent from a year ago.